Rochester Medical Corp., Stewartville's largest employer, became a subsidiary of New Jersey-based C.R. Bard at 8 a.m. today following Wednesday's overwhelmingly positive shareholder vote.
Votes representing 8.4 million shares were counted in a Minneapolis board room of the law firm Dorsey & Whitney. The $262 million deal was approved by a vote of 8.1 million in favor to 179,156 against. Another 12,054 abstained. Rochester Medical had 12.3 million outstanding shares that were eligible to vote.
Rochester Medical's Chief Financial Officer David Jonas said the vote tally took about 30 minutes. About 20 people attended the voted.
Shares of Rochester Medical were trading at $20 at the close of the market on Wednesday.
Representatives of C.R. Bard are scheduled to discuss their future plans at an all-employee meeting Friday morning at the catheter manufacturing facility. Rochester Medical has about 250 employees in Stewartville with a total of 400 worldwide.
While no specifics have been discussed about what will happen to the Stewartville facility or its employees, the president of Bard’s Medical Division made encouraging comments to staff in September.
"We are making this merger because we really believe you have got a ton to bring to us. These are additive, these two companies. There is not a ton of overlap," said Peter Curry, according to documents filed with the U.S. Securities and Exchange Commission.
This acquisition marks the end of the local ownership of the 25-year-old company co-founded and run by CEO Anthony Conway and his brother, Vice President Philip Conway. The CEO has previously said that he and his brother will remain "deeply involved in the transition … ensuring that our new products will get to market in a very timely fashion."